Air Liquide Q3 Report 2023

Group revenue amounted to 6,811 million euros in the 3rd quarter 2023 and posted a comparable growth of +1.5%, which demonstrated the resilience of the portfolio of activities in a challenging environment. The Group’s revenue as published was down -17.4%, impacted by very unfavorable energy (-13.3%) and currency (-6.3%) impacts, the significant perimeter impact being slightly positive at +0.7%.

Gas & Services revenue in the 3rd quarter 2023 reached 6,483 million euros, up by +1.7% on a comparable basis.

Gas & Services revenue in the Americas totaled 2,556 million euros in the 3 rd quarter, up +1.8% on a comparable
basis. Large Industries sales (-5.2%) were impacted by relatively low demand and customer turnarounds. Revenue in the Industrial Merchant business posted growth of +3.6%, driven by higher prices (+5.1%) and resilient gas volumes. In Healthcare, the increase in prices in proximity care in the United States and the dynamism of the businesses in Latin America contributed to the very strong increase in sales (+11.7%). Electronics revenue was down by -10.2% compared to very high sales in the 3 rd quarter 2022, in a context of slowing demand from memory manufacturers.

Revenue in Europe was up +2.9% on a comparable basis during the 3rd quarter 2023 and reached 2,331 million euros. In Large Industries, activity stabilized in a difficult environment, with sales up slightly by +0.5%. The +6.5%
growth In Industrial Merchant sales benefited from a price impact maintained at a high level (+9.9%) and resilient
volumes excluding helium and liquefied CO2, whose supply has been tight. Healthcare business revenue increased by +5.2%, driven by the dynamism of Home Healthcare and the increase in medical gas prices in line with inflation.